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SEC plans dollar bond deal

SEC plans dollar bond deal
Saudi Electricity Company
SAUDI ELECTRICITY
5110
-0.56% 17.70 -0.10

Riyadh – Mubasher: State-controlled Saudi Electricity Company (SEC) intends to issue US dollar-denominated bonds soon, Reuters reported citing four sources familiar with the matter. 

The potential issuance would come amid a flurry of debt sales in the Gulf, including $1 billion in dual-tranche bonds sold by Saudi Basic Industries Corporation (SABIC) last week.

The kingdom's electric transmission monopoly plans to sell green Sukuk or Islamic bonds, whose proceeds would be used for environment-friendly projects, one of the sources said. 

In August, SEC, the main electricity producer in Saudi Arabia with 81.1% indirect government ownership, signed a SAR 9 billion ($2.4 billion) syndicated Islamic loan with local lenders to finance the company’s general purposes, including capital expenditures.